News
CSE in positive mode in spite of GSP+ concession under review
By Hiran H.Senewiratne
The Colombo Stock Exchange (CSE) on the previous day set a new benchmark and due to that investors remained bullish yesterday for the third consecutive day with robust turnover though some profit-taking was evident.
However, CSE yesterday did not negatively react to Tamil National Alliance (TNA) MP M A Sumanthiran’s comment to a website that it was his belief that the European parliament has already decided to withdraw access to the Generalised Scheme of Preferences Plus (GSP+) concession as per a resolution passed in June this year, market analysts said.
Sri Lanka is at risk of losing access to a European trade concession worth over 500 million US dollars by April 2022 if the government does not take drastic measures to address human rights concerns, an opposition lawmaker said. This would happen if the government makes some dramatic changes to address human rights issues, the country is likely to lose GSP+ in April next year,” he said. Further, stock market investors are now adopting cautious stance till the Central Bank Governor Ajith Nivard Cabraal announces a short term road map for the development of the capital market, stock market analysts said.
Amid those developments both indices moved upwards. All Share Price Index up 102.1 points and S and P SL20 up by 67.1 points. Turnover stood at Rs 5.9 billion with three crossings. Those crossings were reported in Browns and Company, which crossed 800,000 shares to the tune of Rs 160 million and its share price traded at Rs 200, JKH one million shares crossed for Rs 141 million and its share price traded at Rs 141, TJ Lanka 500,000 shares crossed for Rs 21.5 million and its share price traded at Rs 43.
In the retail market top five companies that mainly contributed to the turnover were Browns Investments Rs 1.4 billion (137 million shares traded), Expolanka Rs 1.18 billion (six million shares traded), LOLC Holdings Rs 729 million (1.2 million shares traded), JKH Rs 466 million (3.2 million shares traded) and Royal Ceramic Rs 204 million (4.4 million shares traded). During the day 238 million share volume changed hands in 35000 transactions.
It said high net worth and institutional investor participation was noted in Browns Investments, Hayleys and JKH. Mixed interest was observed in LOLC Holdings, Commercial Leasing & Finance and Royal Ceramics whilst retail interest was noted in Lanka Orix Finance, Galadari Hotels and Expolanka Holdings. The US Dollar traded at Rs 199.75 and the US dollar has been settled at a maximum rate of Rs 202 with the controlling mechanism adopted by the Central Bank of Sri Lanka.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
